Mortgage Comparison
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Comparison Table
|
Rate |
Annual Rate |
Term |
Origination Fee |
Points |
PMI |
Payment |
Down |
Closing costs |
| SECU |
6.25% 2/1 ARM |
|
30 year adjustable |
None |
None |
None |
$1,105 |
0 |
$2,400* |
| Duke |
6.26% 5/1 ARM/8.05% |
|
5/1 ARM/15 year fixed |
1% on 80% loan |
3.5% on 80% including origination |
No |
$1,193 |
0 |
$4,000 |
| USAA |
7.0% |
|
30 year fixed |
0? |
.375% ($3,615) |
None |
$1,228 |
0 |
$5,405 |
| Wachovia |
7.0%/8.0% |
|
30 fixed/20 fixed |
.5% on 80% |
.375% ($3,615) |
None |
$1049 + tax and ins |
0 |
$4,000 |
SECU
Specifications:
- 6.25% Initial Rate for 30-year terms (7.685% APR). 2 year adjustable, 1% max, 14% cap
- Fixed rate at 6.875 finances only up to 95% of loan value
- Closing costs include 14 month prepaid insurance ($700) and 2 months taxes ($117) and closing attorney fees ($500)
- Up to $1000 toward closing fees may be included in loan
- Monthly payment includes P&I of $925, taxes of $50, and insurance of $117
- 60 day lock
- Estimated monthly payment: $1,105. See explanation
We prequalify for $278,000. We can get that in writing if we need it to make an offer. We should apply for the mortgage when we offer or before.
Duke
Specifications:
- 80% 5 years then 1% max every year/20% at 15 year fixed
- Pay closing on 80% loan only
- 45 day lock
- Can finance closing costs if house appraises higher then loan + closing costs or can get 3rd loan
- Won't do piggy-back loans
- Payment is $738.86 (80%) + 287.56 (20%) + taxes and insurance. Total $1,193
- Max ARM rate is %12.25. Max adjustment is 2%. Same as Fanny Mae.
USAA
- Bonus cash back for using USAA recommended agent
- .25 percent rate reduction for using automatic withdraw
- 80/20 loan, 30 day lock. 80% portion at 7.0%. 20% portion for 15 years at 8.25% or 20 years at 8.5%
- Closing costs are $3,615 for points + $1,790 for prepaid interest and escrow
Wachovia
- 80/20 loan
- payment of 798.36 on 80%, 250.93 on 20% plus tax and insurance. Total ~$1,215
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Last Modified: June 24, 2007
